Today’s top story: Are state interest rate caps an automatic win for borrowers? Also in the news: What Wells Fargo ending personal lines of credit means for you, how to rebuild your personal finances during an economic recovery, and a case for opening a ‘What If?’ savings account. Are State Interest-Rate Caps an Automatic Win […]
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Monday’s need-to-know money news
Today’s top story: What to do if Chime or other neobanks close your account. Also in the news: A new episode of the Smart Money podcast on fighting inflation and the risks of small mortgage lenders, 6 essential terms to understand in your homeowners policy, and what millennial parents want their kids to know about […]
Q&A: Why delaying Social Security is the smartest retirement play
Dear Liz: If someone delays applying for Social Security after their full retirement age, the common thought is that their benefit grows by 8% a year until the age of 70. It accrues by that much only if you continue to work, right? I was unceremoniously laid off during the pandemic and I am holding […]
Q&A: Different Roths, different rules
Dear Liz: I have a Roth 401(k). Are withdrawals from it the same as from a Roth IRA? And how do I move it to a Roth IRA? Answer: Roth 401(k)s are a type of workplace retirement plan that, like Roth IRAs, allow tax-free withdrawals. But the rules for Roth 401(k)s are somewhat different from […]
Q&A: Finding a fee-only advisor
Dear Liz: I need help locating a fee-only financial advisor. My search only comes up with advisors with investments. Answer: It’s not clear what you mean by “advisors with investments.” Some fee-only planners charge a percentage of the assets they manage and often require you to invest a minimum amount with them. Others charge a […]
Thursday’s need-to-know money news
Today’s top story: Smart strategies for fighting back against inflation. Also in the news: Easing into credit cards with a simple cash-back card, Medicare and dental implants, and these 6 psychological biases may be holding you back from building wealth. Wary of Credit Cards? Ease In With a Simple Cash-Back Card No-fee, flat-rate cash-back cards […]